2012-05-25T13:26:53-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2011-01-01 410519270 ST PAUL POSTAL EMPLOYEES CREDIT UNION STPA 6517707000 8499 TAMARACK RD WOODBURY MN 55125 RUSSELL PLUNKETT 6517707000 2012-05-17 1 RICHARD J GABRIELSON P00001024 5074347000 2011 2016-02-24 21:20:13Z POSTAL CREDIT UNION RUSSELL PLUNKETT 8499 TAMARACK RD WOODBURY MN 55125 26745085 0 X WWW.POSTALCU.ORG X CU 1926 MN TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP. 9 9 156 0 23306 0 0 0 25989512 25097035 1859348 1385552 0 0 27848860 26482587 0 0 4689722 3779764 8466280 8721095 0 0 0 12820956 11405359 25976958 23906218 1871902 2576369 488958688 511009626 447446348 468327292 41512340 42682334 TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 40,000 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS. THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS. THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES. 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 7987 0 1 156 1 1 1 0 0 0 0 0 X 9 9 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X DENNIS BAUER 6517478902 8499 TAMARACK ROAD WOODBURY MN 55125 JAMES C BRYAN 1.00 X 1479 0 0 DANIEL L BLEES 1.00 X 1874 0 0 ALLAN J BRENNAN 1.00 X 1370 0 0 KEITH E HAUGE 1.00 X 1495 0 0 ROGER MCCLURE 1.00 X 1399 0 0 MARY WHITE 1.00 X 1549 0 0 JUDY SCHADEWALD 1.00 X 1454 0 0 ROBERT VANCE 1.00 X 1606 0 0 LAURIE LUDWIG 1.00 X 650 0 0 RUSSELL PLUNKETT 37.50 X 295689 0 50984 DENNIS BAUER 37.50 X 306155 0 41934 BRIAN SHERRICK 37.50 X 306602 0 41995 JEANINE SWANSON 37.50 X 232397 0 21504 LAWRENCE MIGGLER 37.50 X 147525 0 36100 KELLY JOHNSON 37.50 X 112440 0 19708 MICHAEL RUSH 37.50 X 119644 0 30383 ALISHA JOHNSON 37.50 X 119750 0 23963 1653078 0 266571 8 0 1 0 HEALTH PARTNERS INC PO BOX 1450 MINNEAPOLIS MN 55485 PCU EMPLOYEE HEALTHCARE 902015 FIRST DATA 5270 W 84TH ST SUITE 260 BLOOMINGTON MN 55437 DEBIT CARD/ATM CARD PROCESSOR 558588 PSCU 6454 171ST LANE NW RAMSEY MN 55303 CREDIT CARD PROCESSOR 457723 HARLAND FINANCIAL PO BOX 53521 ATLANTA GA 30353 CORE PROCESSING SYSTEM 305421 HARLAND FINANCIAL PO BOX 931898 ATLANTA GA 31193 STATEMENTS AND TAX FORMS 264648 12 LOAN INTEREST 900099 17944892 17944892 FEES & SERVICE CHGS 522100 4044332 4021026 23306 OTHER OPERATING INCOME 900099 3107811 3107811 25097035 1523176 1523176 122053 2821 262498 122053 -259677 -137624 -137624 26482587 25073729 23306 1385552 3779764 1056235 5710787 1432412 521661 1657298 790346 354062 1901676 1048501 57429 PROFESSIONAL/OUTSIDE SE 1893380 PROVISION FOR LOAN LOSS 1354666 CORPORATE FUND ASSESSME 995355 EDUCATIONAL & PROMOTION 646212 706434 23906218 33475948 53179180 43150036 28861148 471557 279383 344681227 358438391 1730693 1583596 28160946 10730551 17917356 17430395 25896592 26410612 3975956 3893132 17659323 20933789 488958688 511009626 3163112 4691417 55009012 53256623 389274224 410379252 447446348 468327292 X 0 0 0 0 41512340 42682334 41512340 42682334 488958688 511009626 X 2576369 -1406375 X X 0 1 1 X 0 4769798 4769798 14013487 3069573 10943914 9377661 7660978 1716683 17430395 SECURITIES - AFS 26410612 F 26410612 MEMBER ACCOUNTS 410379252 410379252 26482587 23906218 2576369 30156 -1436531 -1406375 1169994 26742266 259679 259679 26482587 0 26482587 24165894 259676 259676 23906218 0 23906218 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE, IN TECHNICAL ADVICE MEMORANDUMS RELEASED IN MARCH OF 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR POTENTIAL TAXABLE ACTIVITIES. THE CREDIT UNION HAS A NET OPERATING LOSS CARRYFORWARD TO 2011 OF APPROXIMATELY $130,000. A DEFERRED TAX ASSET HAS NOT BEEN RECOGNIZED FOR ANY FUTURE BENEFITS OF ITS USE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. AS A RESULT, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2011 AND 2010. THE CREDIT UNION'S 2008 THROUGH 2011 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: SFAS 158 IMPLEMENTATION RELATED TO DEFINED BENEFIT PLAN -1,314,477. RECLASSIFICATION FOR GAINS INCLUDED IN NET INCOME -122,054. TOTAL TO SCHEDULE D, PART XI, LINE 8: -1,436,531. PART XII, LINE 2D - OTHER ADJUSTMENTS: (GAIN)/LOSS ON SALE OF ASSETS 259,679. PART XIII, LINE 2D - OTHER ADJUSTMENTS: (GAIN)/LOSS ON SALE OF ASSETS 259,676. X X 0 1 0 RUSSELL PLUNKETT 283172 0 0 0 12517 0 29438 0 21546 0 346673 0 0 0 DENNIS BAUER 184283 0 0 0 121872 0 20619 0 21315 0 348089 0 0 0 BRIAN SHERRICK 184893 0 0 0 121709 0 20684 0 21311 0 348597 0 0 0 JEANINE SWANSON 127881 0 0 0 104516 0 14798 0 6706 0 253901 0 0 0 LAWRENCE MIGGLER 138979 0 4631 0 3915 0 16075 0 20025 0 183625 0 0 0 MICHAEL RUSH 113420 0 3297 0 2927 0 12146 0 18237 0 150027 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 BRIAN SHERRICK AND JEANINE SWANSON - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 40,000 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE ON THE SUPERVISORY COMMITTEE, WHICH IS VESTED WITH MONITORING SAFETY AND SOUNDSHIP OF THE ORGANIZATION. IF DEEMED APPROPRIATE, THE SUPERVISORY COMMITTEE CAN SUSPEND BOARD MEMBERS AND CAN CALL A SPECIAL MEETING OF THE MEMBERSHIP TO EVALUATE THE ISSUE AND VOTE TO EITHER DISMISS OR REINSTATE THE BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BYLAWS AND CERTIFICATE OF ORGANIZATION) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS AND THE REGULATORY AGENCY. APPROVAL OCCURS WHEN AT LEAST 50% OF THE MEMBER-OWNERS VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11 PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE PRESIDENT/CEO, INCLUDING A CONFIRMATION OF THE ACCURACY OF EVERY ANSWER AND OVERSIGHT OF APPROPRIATE CHANGES. UPON COMPLETION OF THE PRESIDENT'S REVIEW, THE FORMS ARE REVIEWED AND VOTED ON AT A BOARD MEETING PRIOR TO SUBMITTAL TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS ANNUALLY RECEIVE A CONFLICT OF INTEREST POLICY AND SIGN/DATE THAT THEY AGREE AND UNDERSTAND THE CU'S POLICY. FORM 990, PART VI, SECTION B, LINE 15 HRN PERFORMANCE SOLUTIONS, AN OUTSIDE CONSULTANT, PERFORMS A COMPENSATION REVIEW FOR ALL POSITIONS IN THE CREDIT UNION EACH YEAR AND COMPARES THE CREDIT UNION TO THE MARKET PLACE. THIS WAS COMPLETED FOR ALL POSITIONS IN 2011. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 30,156. SFAS 158 IMPLEMENTATION RELATED TO DEFINED BENEFIT PLAN -1,314,477. RECLASSIFICATION FOR GAINS INCLUDED IN NET INCOME -122,054. TOTAL TO FORM 990, PART XI, LINE 5: -1,406,375. FORM 990, PART XII, LINE 2C: THE PROCESS FOR THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. PCU COMMUNITY FOUNDATION 8499 TAMARACK RD WOODBURY MN 55125 205065518 SUPP0RT OF LOCAL EDUCATION INITIATIVES MN 501(C)(3) LINE 7 ST PAUL POSTAL EMPLOYEES CREDIT UNION 0 PCU SCHOLARSHIP FUND 8499 TAMARACK RD WOODBURY MN 55125 205067754 SUPPORT AND ENCOURAGEMENT OF HIGHER EDUCATION MN 501(C)(3) LINE 7 ST PAUL POSTAL EMPLOYEES CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 NO TRANSACTIONS OVER 50000